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Home / Industry / Banking /  ICICI Bank crosses 2 lakh crore mark in property loans

ICICI Bank crosses 2 lakh crore mark in property loans

Of the analysts covering the stock, 49 have a “buy” rating on ICICI Bank shares. Photo: Mint

  • ICICI Bank is the first private sector bank to cross the milestone
  • ICICI Bank launched a slew of innovative digital loan products over the past few years to help customers finance their dream homes

Mumbai: ICICI Bank today announced that its property loan loan portfolio has crossed the milestone of 2 lakh crore, making it the first private sector bank in the country to achieve this feat. The achievement can be attributed to ICICI Bank’s focus on offering a hassle free and frictionless experience to customers by digitizing the entire mortgage process along with instant loan approvals. The growth was also aided by the Bank’s expansion of footprint far and wide across the country including tier 2, 3 and 4 cities.

Mumbai: ICICI Bank today announced that its property loan loan portfolio has crossed the milestone of 2 lakh crore, making it the first private sector bank in the country to achieve this feat. The achievement can be attributed to ICICI Bank’s focus on offering a hassle free and frictionless experience to customers by digitizing the entire mortgage process along with instant loan approvals. The growth was also aided by the Bank’s expansion of footprint far and wide across the country including tier 2, 3 and 4 cities.

“We have been catalyzing the growth of retail lending in the country over the past two decades by making it more convenient and widely accessible for customers," Anup Bagchi, Executive Director, ICICI Bank said.

“We have been catalyzing the growth of retail lending in the country over the past two decades by making it more convenient and widely accessible for customers," Anup Bagchi, Executive Director, ICICI Bank said.

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Coupled with making the entire mortgage process digital, ICICI Bank has been leveraging Big Data analytics to offer loans—fresh loans, top ups and balance transfer-- instantly to millions of pre-approved customers. Also, the Bank’s completely digital process allows a customer to get a sanction letter immediately. During the pandemic, the Bank launched the video KYC facility for customers so that they can onboard from their home, without visiting a branch. Thanks to all these initiatives, ICICI Bank now sources nearly one-third of new home loans digitally. It plans to scale it up to three-fourth within the next three years.

Mr. Bagchi added: “ Now, we are present in 1,100 locations, including tier 2, 3 and 4 cities as well as fast-growing outskirts of metro cities. We have also scaled-up our credit processing centers from around 170 to over 200 in past two years in these new markets for efficient processing and quick turn-around for customers."

ICICI Bank launched a slew of innovative digital loan products over the past few years to help customers finance their dream homes. The list of the innovative home loan products include mortgage guarantee backed home loan for enhanced eligibility, step-up loans for flexible repayments and NRI mortgage loans that enables NRIs to get an instant sanction letter digitally without visiting India.

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